Shares of Edelweiss Financial Services declined over 11 percent on Monday after the company posted a 92.61 percent year-on-year (YoY) fall in net profit at Rs 16.71 crore for Q3. The firm had reported a profit of Rs 226.11 crore in the corresponding quarter last year.

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The stock fell as much as 11.5 percent to Rs 78.25 per share on BSE. At 10:50 am, the stock was trading 9.8 percent lower at Rs 79.70 as compared to a 0.01 percent or 6 points rise in BSE Sensex at 41,263.

The company blamed weak economic climate for the huge slump in net profit.

Total revenue from operations also declined 8.41 percent to Rs 2,639.65 crore in Q3, while consolidated expenditure rose to Rs 2,598.06 crore in the December-quarter as against Rs 2,439.14 crore in the year ago period.

The consolidated debt-to-equity ratio improved further to 2.9 times against 4.20 times in Q3FY19.

The compoany added that it will continue to focus on increasing retail to 70-75 percent of the total book and cut corporate loan share to 25 percent over the next two years. The size of the retail credit book was Rs 14,256 crore in December 2019.

First Published:Feb 17, 2020 11:42 AM IST